May 31, 2008 03:02 AM
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Writing about HDFCSL again...the insurance company synonym of the English word trouble. You name it and then have their own way to trouble you in their own way. The following are a few experiences to share with everybody:
1. This is the company who mandatory asks their customers to put a SI or ECS if the customer wants to pay their premiums on a monthly basis for their Unit linked savings plans. So while talking my ULIP plan, I have opted for ECS on my bank a/c as that time they don’t have option for SI to credit card. After one year, when they started taking SI on credit card, I applied to shift the paying mode from ECS to SI to my credit card. For that I have to visit their Vashi branch every Saturday from November’07 to Feb’08. I applied and submitted all the forms and the required documents in November, but the process finally got over in February only. So early!! Everyday when I visited their branch, I got reply from their operations dept that the process will be over by next month and next premium will get debited from Credit card from next month onwards. They took 4 months to implement this small change.
2. After my policy anniversary, I opted to increase my premium. Initially they denied saying that increase in premium is not possible. But when I told them it’s written in the policy document that I can increase the premium amount on policy anniversary date, they accepted my application along with my original policy document for the sake of endorsement. To my surprise, they sent the policy document to my old address (mentioned in the policy document), although I have informed them about the change of my address and was receiving premium payment receipts in my new address. Just imagine how efficient their backend staffs are.
3. The most recent and the most important/serious one, as per the policy underwriting and as per the IRDA regulations, insurance companies selling ULIP products should allocate units as per the NAV of the day on which the premium payments are realized. To my out most surprise, HDFCSL has deducted my credit card on the designated day of the month, but they have credited the unit in my a/c after 13 days of the payments and the NAV they considered while crediting the units are not of that of the payment date, its of later date when they actually credited the unit. And due to market condition and due to fluctuation of NAV, I lost quite a few units.
I have so many other instance of like these, but to space constraint, unable to mention those.
So guys, please, don’t just simply praise these guys if you have not faced these situations with HDFCSL and believe me pray to God that then cheaters do keep their all promises when your policy matures.
The “Sar Uthake Jio” will only be applicable when you have the ‘SAR’ with you; because their staffs always try to eat your “SAR” with n number of nonsense. So beware of HDFCSL and their agents.
